Algonquin Hotel trades for $76 million

New York /
Jun.June 08, 2011 12:21 PM

Last week, the Post broke the news that Matilda the Cat might be getting yet another new landlord at the Algonquin, and now, public records show that the sale is official.

According to a deed filed with the city this morning, the landmarked, 59 West 44th Street hotel has sold for the fifth time in 15 years. This go-around, it went to Cornerstone Real Estate Advisers, a MassMutual-owned investment group that paid $76 million for the 174-room property, which completed a renovation last summer.

Aside from its feline mascot, the Algonquin is perhaps best known for the Round Table writers’ meetings that Dorothy Parker, Robert Benchley and Robert Sherwood once attended there daily. Last year, it joined the Marriott Brand’s Autograph collection.

The seller, HEI Hotels & Resorts, had purchased the hotel for $74 million in 2005. HEI also had a $35 million mortgage on the property that was on a Real Estate Alert watch list last year.


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